AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Monday, January 29, 2007:

Canon Quarterly Profit Rises 16 Percent

TOKYO (AP) _ Canon Inc. reported a 16 percent jump in quarterly profit and record annual earnings for the seventh straight year amid strong sales of its digital cameras, copiers and printers. Canon's group net profit for the fourth quarter totaled 125.6 billion yen ($1 billion), up from 108 billion yen the same period in 2005, the company said Monday.

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Oil Prices Rise to $55.73 a Barrel

SINGAPORE (AP) _ Oil prices rose in Asian trading Monday amid expectations that heating fuel demand will increase amid forecasts of continued cold weather across the U.S. East Coast, a major market for heating oil. "The continuation of cold weather in the United States _ after a pretty warm start of the winter _ helps shore up prices because if there was no cold weather at all, there would be huge inventories," said Tobin Gorey, a commodity strategist with the Commonwealth Bank of Australia in Sydney. "The market's not worried about that any longer."

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Local Governments: FCC Not Playing Fair

WASHINGTON (AP) _ The nation's chief telecommunications regulator stands accused of misrepresenting the facts while pushing through rules that will make it easier for big phone companies to get into cable television. The policy change won approval by the Federal Communications Commission on a 3-2 vote Dec. 20. That angered local government officials who claim the agency overstepped its authority and now promise a legal challenge. The vote also drew the threat of a "legislative fix" from a powerful congressman.

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Fed, Earnings to Top Wall Street Agenda

NEW YORK (AP) _ Wall Street, often chided as an avenue of excess, might finally get its fill in the coming week. Investors have spent much of the new year careening from one notion to another about the health of the economy and the direction of the markets. In times when self-assuredness doesn't seem so fleeting, Wall Street's penchant for fresh data isn't as noticeable. But investors could be forgiven for feeling dizzy over the forthcoming news: a statement from the Federal Reserve's interest rate committee, a raft of economic figures and a crush of earnings reports.

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BA Talks With Cabin Crew to Continue

LONDON (AP) _ Last-minute talks aimed at averting a 48-hour strike by thousands of British Airways PLC cabin crew members will continue Monday after unions were unable to reach an agreement in weekend talks. Whatever the outcome regarding the planned strike Tuesday and Wednesday, the airline already has canceled 1,300 flights to and from London airports such as Heathrow and Gatwick to allow customers time to make alternative arrangements.

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Comair, Pilots Nearing Deadline

CINCINNATI (AP) _ Time is running out for Comair and its pilots to reach an agreement on wage cuts and other concessions. The Delta Air Lines Inc. subsidiary and the union representing its 1,500 pilots enter their final negotiations this week.

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Diamond District Struggles to Keep Up

NEW YORK (AP) _ On a recent afternoon at the venerable Diamond Dealers Club, many of the chairs and long tables remained empty on the vast trading floor as a few dozen men haggled over precious stones. The cafeteria's dining room had a ghost town feel and only a couple of men drank coffee at the food counter. Most of the hustle and bustle was happening in the club's synagogue and an area where retired members could play backgammon.

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There Are No Free Rides to Outer Space

LOS ANGELES (AP) _ Brian Emmett's childhood fantasy came true when he won a free trip to outer space. He was crushed when he had to cancel his reservation because of Uncle Sam. Emmett won his ticket to the heavens in a 2005 sweepstakes by Oracle Corp., in which he answered a series of online questions on Java computer code. He became an instant celebrity, giving media interviews and appearing on stage at Oracle's trade show.

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Wait for Altria's Kraft Plans May End

NEW YORK (AP) _ Last October, Altria Group Inc. triggered one of the busiest trading sessions of its shares in the past year just by announcing it planned to disclose a timeline for the divestment of its majority stake in Kraft Foods. This week, investors are expecting to learn details of the plan that created that late October burst of trading activity and that analysts say could break the food and tobacco company into as many as three parts.

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Deutsche Telekom Cuts 2007 Outlook

BERLIN (AP) _ Deutsche Telekom AG issued a profit warning Sunday for this year, cutting its earnings outlook as it faces fierce competition in Germany and absorbs the impact of a strong euro. The Bonn-based company said it now expects 2007 adjusted earnings before interest, taxes, depreciation and amortization of 19 billion euros ($24.6 billion) _ down from a previous forecast of 19.7 billion to 20.2 billion euros ($25.5 billion to $26.1 billion).

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Gold Prices

LONDON (AP) _ Gold bullion opened Monday at a bid price of $644.75 a troy ounce, down from $645.95 late Friday.___

Japan Markets

TOKYO (AP) _ Japanese stocks rebounded Monday as Seiko Epson and Nomura Research Institute soared after releasing upbeat earnings results, while Seiyu _ Wal-Mart's Japanese unit _ surged on hopes for a realignment in the retail sector.

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Dollar-Yen

TOKYO (AP) _ The dollar rose against the yen in Asian trading Monday amid growing speculation that Japan's central bank may not raise interest rates next month.

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